[Adopted 12-28-1967 by Ch. 34 of the 1966 Code]
[Amended 7-5-1989 by resolution; 6-27-1994 by L.L. No. 2-1994; 12-5-1994 by L.L. No. 5-1994; 12-4-2006 by L.L. No. 2-2006]
A.
Pursuant to Real Property Tax Law § 467,
real property owned by one or more persons, each of whom is 65 years
of age or over, or real property owned by husband and wife, one of
whom is 65 years of age or over, shall be exempt from taxation by
the Village of Geneseo to the extent of the assessed valuation thereof
as set forth below, provided that the income of the owner or the combined
income of the owners of the property for the income tax year immediately
preceding the date of making application for exemption does not exceed
the sum set forth in the schedule of income and percent of assessed
valuation exempt from taxation.
B.
The schedule of income limits and exemption percentages
to be applied to real property owned by persons shall be the same
schedule as that adopted each year by the County of Livingston. That
schedule shall automatically apply and take effect upon its receipt
from the County of Livingston by the Town Assessor, without public
hearing.
[Amended 7-5-1989]
No exemption shall be granted:
A.
If the income of the owner or the combined income
of the owners of the property exceeds the maximum sum listed on the
increment value scale for the income tax year immediately preceding
the date of making application for exemption. Where title is vested
in either the husband or the wife, their combined income may not exceed
such sum. Such income shall include social security and retirement
benefits; interest; dividends; total gain from the sale or exchange
of a capital asset which may be offset by a loss from the sale or
exchange of a capital asset in the same income tax year; net rental
income, salary or earnings; and net income from self-employment, but
shall not include a return of capital, gifts or inheritances.
[Amended 6-27-1994 by L.L. No. 2-1994; 12-5-1994 by L.L. No.
5-1994]
B.
Unless the title of the property shall have been vested
in the owner or all of the owners of the property for at least 24
consecutive months prior to the date of making application for exemption;
provided, however, that in the event of the death of either a husband
or wife in whose name the title of the property shall have been vested
at the time of death and then becomes vested solely in the survivor
by virtue of devise by or descent from the deceased husband or wife,
the time of ownership of the property by the deceased husband or wife
shall be deemed also a time of ownership by the survivor, and such
ownership shall be deemed continuous for the purpose of computing
such period of 24 consecutive months.
C.
Unless the property is used exclusively for residential
purposes; provided, however, that in the event that any portion of
such property is not so used exclusively for residential purposes
but is used for other purposes, such portion shall be subject to taxation,
and the remaining portion only shall be entitled to the exemption
provided by this article.
D.
Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or by all of the
owners of the property, provided that an owner who is absent while
receiving health-related care as an inpatient of a residential health-care
facility, as defined in § 2801 of the Public Health Law,
shall be deemed to remain a legal resident and an occupant of the
property while so confined, and income accruing to that person shall
be income only to the extent that it exceeds the amount paid by such
owner, spouse or co-owner for care in the facility, and provided further
that during such confinement, property is not occupied by other than
the spouse of such owner or the co-owner.
[Amended 7-5-1989]
Application for such exemption must be made
by the owner or all of the owners of the property on forms to be furnished
by the Village of Geneseo and shall furnish the information and be
executed in the manner required or prescribed in such forms and shall
be filed in the Village Assessor's office on or before the appropriate
taxable status date.
Any conviction of having made any willful false
statement in the application for such exemption shall be punishable
by a fine of not more than $100 and shall disqualify the applicant
or applicants from further exemption for a period of five years.
